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Bitcoin analysis for 08/11/2017

According to the New Zealand Financial Markets Authority, cryptocurrency and ICO projects are safe. The decision was discussed in detail in the new ICO and virtual currencies guidelines issued by this agency. In its statement published at the end of October 2017, the Financial Markets Authority maintained that each ICO digital currency and token would be treated as securities. Financial regulations also explain the sale of which tokens will be covered by the law. It says: "All tokens and cryptocurrencies are securities in accordance with the Financial Market Prescriptions Act of 2013 - even those that are not financial products. A security is any agreement or consent obtained that has or may have an effect on the person making the investment or managing the financial risk." According to the advice given, the New Zealand office has determined that ICO tokens can be considered as one of four categories of financial products. The Agency further explained that the tokens would be classified based on their characteristics. In addition, the agency's guidelines contained details of the treatment of companies related to the new technology. It said that all major virtual currency services, such as portfolios, brokers and exchanges, should be properly registered in government agencies. The regulations also contain the statement that the New Zealand Financial Markets Authority may exempt companies from existing laws to promote innovation and flexibility.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the technical support at the level of $6,986, but so far no new high was made. The target for wave (v) remains at the level of $8,353 zone. Nevertheless, it is worth to notice, that the corrective cycle in wave (iv) might be still in progress and might develop into more complex and time-consuming pattern.